Credit Card Newbie

guitarbloke

Hi,

About 6 months ago I applied for a Capital One credit card (I had a below average credit rating from my mispent youth - no bankruptcy or CCJ's, but a few missed DD's here and there).

They gave me a £200 limit which they upped to £400 after 3 months, and I've been spending on it and paying it off at a rate well above the minimum payment each month.

However, the 0% period has now expired and I was wondering whether you think there are any cards out there which I might be able to apply for considering my credit rating is still not brilliant - though it is improving (Experian says it's now 792 - or "Fair"). Ideally I'd like to transfer the balance to another 0% card.

Or is Capital One the only way to go until I have put my rating back into the "Good" zone?

Sorry if this is a very basic question, I know very little about credit cards

guitarbloke

Hehe I guess we are all in the same boat then.

Glad to see I'm not the only one having trouble understanding these things!

planteria

you say "About 6 months". i would certainly give it 6 months plus. if you can, i would just keep using this card & clearing each month for a while, just to build up your track record with them. your limit should increase automatically over time if you do so.

in a few months time i would look at a second card, perhaps with MBNA.

guitarbloke

planteria wrote: »

you say "About 6 months". i would certainly give it 6 months plus. if you can, i would just keep using this card & clearing each month for a while, just to build up your track record with them. your limit should increase automatically over time if you do so.

in a few months time i would look at a second card, perhaps with MBNA.

Thanks for that

Hmmm I haven't been clearing the balance in full each month - I had a bit of a splurge in December and bought some new PC bits, my minimum repayment is approx £11, but I've been paying around £45-50 a month (and was intending to keep doing so).

Is it vital to clear the balance each month in order to keep a good credit score?

Once it's clear, I was thinking of setting up my bills (Sky etc) to come off the card and just making a standing order to pay it off instantly - that way I'm using it all the time but paying it off the same month. Is this a good idea?

I've just double-checked and I've had my Cap'1 card since September (so not quite 6 months yet).